Insights
Best practices and tips on spend management, automated expense tracking and corporate debit cards for Australian SMB and enterprise businesses.
Chapter 1: The treasure map - a well-defined expense policy
In this grand adventure, our intrepid heroes realised that the key to financial stability lay in crafting a robust expense policy. Just like a treasure map, it guided them through a labyrinth of budgets and spending categories, ensuring every coin they possessed had a purpose.
Our heroes gathered 'round and crafted a policy with the precision of a master swordsman. They defined the policy's objectives, set budget allocations for different expense categories, and even specified who had the power to say, "Aye" to spending requests. It was a serious business, but they couldn't help but throw in a comical line or two to lighten the mood.
Chapter 2: The automated sorcery - streamlining with technology
But every adventurer knows that time is precious, and in the financial realm, time lost can never be recovered. So, our heroes turned to the magic of automation to streamline their expense management. They chose a trusty sidekick called Budgetly, a solution as reliable as a loyal steed.
With Budgetly at their side, they discovered the wonders of automated receipt tracking. No more lost scrolls of paper, no more "It was here somewhere" excuses. And the best part? No wizards were needed to extract the dreaded GST (Goods and Services Tax) from receipts. Budgetly's automated sorcery took care of that.
And oh, the corporate card issuance! Instead of waiting eons for cards to arrive, our heroes found themselves with fast-issuing corporate cards, as swift as a knight's charge into battle.
Chapter 3: The thrifty dilemma - budget friendly alternatives
Yet, as every adventurer knows, not all solutions come with a royal treasury's price tag. Some educational institutions, with their limited gold coins, may prefer free or budget-friendly tools. These tools, while not as flashy as the kingdom's finest, can help track expenses without breaking the royal bank.
Our heroes also pondered the perilous path of manual expense management. It was a path fraught with peril, a bit like navigating a maze blindfolded. While it might save a few gold coins, it risked turning even the wisest accountant into a court jester with its potential for errors and headaches.
Chapter 4: Crafting the scrolls - a checklist for your expense policy
With their newfound knowledge, our heroes gathered their quills and parchment to craft their very own expense policy. It was a scroll filled with wisdom, ready to guide them through the financial wilderness.
- Define the policy's objectives and scope like marking a map with "X" marks the spot.
- Allocate budgets for various expenses, much like divvying up the loot after a successful quest.
- Specify approval processes to ensure only the worthy could unlock the treasury.
- Set expense limits to keep the spendthrift dragons at bay.
- Outline documentation requirements – because in financial adventures, paperwork is your shield.
- Describe reimbursement procedures and methods with the clarity of a scholar's lecture.
- Address currency conversion, compliance, and consequences with the sternness of a headmaster.
- Plan the grand unveiling and communication of the policy – the fanfare of a royal decree.
- Emphasise the importance of regular reviews and updates, much like tending to a magical garden.
- And lastly, consider having the policy reviewed by legal experts – a bit like consulting a wise wizard.
And so, the tale of business expense management in education unfolded. With their expense policy as their guiding star and the efficiency of Budgetly by their side, our heroes embarked on a journey of financial wisdom, resourceful spending, and maybe a laugh or two along the way.
Want the same for your school? Get your hands on our complimentary Expense Pack for Schools or learn more about how Budgetly helps education providers here.